Juniper Networks Inc. –

MOUNTAIN VIEW, Calif. – Juniper Networks Inc., an Internet infrastructure solutions provider, went public June 24, offering 4.8 million shares at $34 apiece. The company’s stock priced well above its $28 to $30 filing range.

Underwritten by Goldman, Sachs & Co., Credit Suisse First Boston, BancBoston Robertson Stephens and Dain Rauscher Wessels, the initial public offering left 48.9 million shares outstanding.

Venture backers included Kleiner, Perkins, Caufield & Byers VII, New Enterprise Associates VI, Enterprise Partners and Ericsson Business Networks. Crosspoint Venture Partners 1996, which sold 1,036,281 of its 1,658,210 shares, and Nortel Networks Corp., which sold all of its 1,763,719 shares, were the only selling shareholders.

Juniper helps Internet service providers and other telecommunications providers to meet the growing demands stemming from the rapid growth of the Internet. The company offers custom-made next generation, user-friendly Internet backbone routers that offer increased reliability, performance, scalability, interoperability and flexibility and reduced cost.

Juniper will use the estimated $62.2 million in proceeds from the offering for general corporate purposes.

The company has never been profitable, losing $31.0 million in 1998 and $10.4 million in 1997.

William Hearst III and Vinod Khosla, general partners of Kleiner Perkins, joined the company’s board of directors in February 1996, followed by Richard Kramlich, a general partner of New Enterprise Associates, in July 1996, and William Stensrud, a general partner of Enterprise Partners, in October 1996.

Juniper Networks – Selected Financial

(in thousands, except per share data)


(inception) Year Ended December 31, Three Months Ended March 31,

to December 31, 1996 1997 1998 1998 1999

Net revenue – – 3,807 – 10,044

Net loss -1,799 -10,363 -30,971 -3,905 -6,675